Ethereum Price Shows Market Bottom Signs, But Analysts Warn It's Not Yet Confirmed

Ethereum's price has been flashing on-chain signals that are typical of market bottoms, according to CryptoQuant. The cryptocurrency is trading at a 17% discount to its realized price, which is currently around $2,300.

Historically, such periods have indicated undervaluation and a cycle bottom. However, analysts warn that only two of five key metrics have reached previous reversal levels, so a confirmed bottom isn't in yet.

Ethereum has outperformed Bitcoin over the past month, gaining +19.7% compared to Bitcoin's +11.7%. The asset is trading around $1,900 at the time of publication and has fallen 2.5% over the past 24 hours.